Also present were Motion Picture Association of America president Jack Valenti and Zack Horowitz, president of Universal Music and architect of the recording industry'santi-piracy strategy.

'People have been stealing music and now they are out there stealing our movies,' Fox's Gianopulos was quoted as saying. 'There is massive looting going on that's only going to get worse when digital video recording storage devices become commonplace.'

The recording industry's latest attempt to combat the scourge - suing individual downloaders - has backfired, with consumers reacting angrily to the measures which they say are heavy-handed.

They also say record companies have been slow to adapt to new technology and deliver music the way consumers want it - online.

Retailers are realising that changing habits hold opportunities. Retail giant Wal-Mart, responsible for 14% of global music sales, is to market music via an internet download site.

The developments have not been lost on Hollywood. Howard Stringer, Sony America's chairman, said. 'We can't sit back and close our eyes for five years the way the record business did.'

Warner is pointing the way to a possible solution. Last week it released The Matrix Revolutions simultaneously in every major market. The tactic netted $204.1m (£121.8m) in box office receipts.

Meyer said: 'There is a day coming when, to properly protect movies from piracy, we'll...release movies any way the consumer wants it - on his computer, on his TV or at Wal-Mart - all at the same time.'